While the firm acknowledges a recent order from Hynix, their work suggests it is no more than $5MM and is not fully incremental due to some lost business (MU).

Further, while FORM's competitive position remains strong, checks suggest MJC is now qualified for DRAM at Elpida + Powerchip (together ~1/3 of FORM revs in CQ2:06). While MJC remains capacity constrained, work suggests it plans to ramp capacity ~3X in the next 6mos.

They see these issues conspiring to, at the very least, break the string of + est revisions (they recently cut C2007 EPS) meaning this story goes from great to simply good for the next few Qs. Maintaisns Hold, will get more positive in mid-high $30's.